NJ Announces $400K to Support Small Businesses New to Exporting
The New Jersey Business Action Center (NJBAC) has been awarded $400,000 in federal funds for the New Jersey State Trade Expansion Program (NJSTEP) to support new-to-exporting businesses in underserved business communities. The NJSTEP program provides financial awards to companies on a competitive, first-come-first-serve basis. The program is partly funded through a grant from the U.S. Small Business Administration (SBA).
“This year’s NJSTEP program continues the support of New Jersey companies that are from underserved business communities selling internationally. This includes export resources to Minority, LGBTQ, Woman, and Veteran-owned businesses to develop better access to global markets,” says New Jersey Lieutenant Governor Tahesha Way, who oversees the work of the NJBAC in her capacity as Secretary of State. “NJSTEP will help these companies realize foreign sales opportunities, as well as grow jobs in the state.”
The state’s successful NJSTEP program has been awarded funding for eleven consecutive years. This year’s funding is focused on expanding the number of new-to-exporting businesses in underserved business communities. The program has previously assisted hundreds of businesses, leading to millions of dollars in export sales around the world. The STEP 9 (2021 – 2023) Grant produced over $55M in revenue and over 1,100 jobs in New Jersey.
“Selling into global markets is not only for large or established firms. We are encouraging New Jersey companies from underserved business communities to apply for a NJSTEP grant to support their exporting activities and grow New Jersey jobs,” said New Jersey Business Action Center Executive Director Melanie Willoughby.
The NJSTEP is administered by the NJBAC’s Office of Export Promotion, housed within the New Jersey Department of State. The application portal for the NJSTEP program opens on October 1. To learn more, visit the organization’s website at nj.gov/state/bac or call 1-800-JERSEY-7.
Article courtesy of the New Jersey Business Magazine.